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In our note, Credit resilience from CLO structure and manager, we noted the fall in the prices of loans that could be affected by recent events in the Middle East (e.g. surge in energy prices). Also, concerns related to AI disruption have penalised software companies’ loans. In our note, we reiterated why Volta’s underlying portfolio exposure is limited, noting the double benefits from i) incremental protections embedded within CLO vehicles, ii) the manager’s track record of better-than-CLO market risk management, driven by CLO manager selection and portfolio construction. The MTM accounting means NAV will show some sentiment-driven volatility as will the share price, but the underlying portfolio drives medium-term performance.
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